It’s almost Halloween!
Here at LowerMyCharges, we thought we’d use the upcoming spooky holiday to shed light on some real-life horror stories -financial horror stories…
We all make mistakes, but our financial mistakes can have a huge impact on our lives and can be very significant…Far beyond an impulse spend or simple miscalculation.
So, in the spirit of Halloween, we are bringing you financial horror stories or real-life events that’ll chill you to the bone. Read on…IF YOU DARE!
The tale of a lost pension pot
Probably most common of all finance horror stories…with unfortunate examples everywhere…whether you lose your pension pot due to a complicated company merger or because your business went into liquidation or due to simple and avoidable administrative error. It’s so important to track down all the different pension schemes you’ve paid into, so you can be sure you’re claiming everything you’re entitled to in retirement. Don’t leave yours behind!
Accidents will happen
Unexpected medical expenses can occur at home or abroad and can easily turn into real-life dramas. In many cases, you need to pay for them up front and then you only get reimbursed at a later date. If you max out your credit card to cover the costs there and then the chances are that your monthly repayments become unaffordable. As a worst case scenario, you may have to dig into your savings to pay for the much needed medical treatments. That could easily wipe out your savings pot and mean starting again from scratch and waiting for that reimbursement to come through. What if you become long term ill following the accident and unable to return to work? What would that mean to your future finances?
Diamonds may not be forever
Divorce, separation or death of your loved one…these are truly harrowing experiences. As much as we don’t even want to think about them, the fact is we all die eventually. You can’t predict your own death but what you can certainly prepare a plan for the worst-case scenario. No one is invincible, it’s necessary to avoid leaving your loved ones in a tough financial situation during a time that is already emotionally devastating.
Beware of the charges on your pensions, investments or savings that you are not aware of and even if you are aware of them, you should be even more wary of the impact they can have? A 1% charge may not sound much, but did you know that a 1% annual charge made over 25 years can wipe out 25% of the value of an investment or pension fund. Use our calculator to find out how much better off you could be.
We’ve all heard of money mistakes, where even the top economists got it somehow wrong, maybe even experienced one ourselves. Many of these financial mistakes are avoidable, some are not. If you are looking to secure a better financial future, get in touch with one of our professional financial advisers, call: 0800 1404542 or contact us here.